RadNet, Inc. $RDNT Shares Sold by Royce & Associates LP

Royce & Associates LP reduced its position in RadNet, Inc. (NASDAQ:RDNT) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 113,659 shares of the medical research company’s stock after selling 11,200 shares during the quarter. Royce & Associates LP’s holdings in RadNet were worth $8,110,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RDNT. Geneos Wealth Management Inc. acquired a new position in RadNet in the 4th quarter valued at $25,000. Allworth Financial LP raised its stake in RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the last quarter. Danske Bank A S acquired a new position in RadNet in the 3rd quarter valued at $30,000. Jones Financial Companies Lllp raised its stake in RadNet by 62.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after purchasing an additional 171 shares during the last quarter. Finally, Harbour Investments Inc. purchased a new position in RadNet during the fourth quarter worth approximately $42,000. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Stock Up 2.7%

Shares of NASDAQ:RDNT opened at $55.31 on Friday. The business has a 50-day moving average price of $56.76 and a 200 day moving average price of $67.19. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of -307.26 and a beta of 1.43. RadNet, Inc. has a 12-month low of $50.76 and a 12-month high of $85.84.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The business had revenue of $575.63 million for the quarter, compared to analyst estimates of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.50) earnings per share. Sell-side analysts expect that RadNet, Inc. will post 0.54 EPS for the current year.

Wall Street Analyst Weigh In

RDNT has been the subject of several analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $91.00 target price on shares of RadNet in a report on Tuesday, March 3rd. Barclays lowered their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Finally, Weiss Ratings cut shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.43.

Insider Activity

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the completion of the sale, the insider directly owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. This trade represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.60% of the company’s stock.

About RadNet

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.